Finance Act 1995

Increase of interest arising in 1995-96 and 1996-97

9 (1) This paragraph applies where, in the case of any interest arising to any person from any source—

(a) paragraph 4(2) or 6(2)(a) of Schedule 20 to the [1994 c. 9.] Finance Act 1994 applies; and

(b) any amount which is included in the interest arising within the years 1995-96 and 1996-97 would not have been so included if any relevant arrangements made between that person and another had not been made.

(2) Subject to sub-paragraph (3) below, the said paragraph 4(2) or 6(2)(a) shall have effect as if the reference to 50 per cent. of the aggregate of the amounts there mentioned were a reference to the aggregate of—

(a) 50 per cent. of each of those amounts; and

(b) 62.5 per cent. of each of the amounts falling within sub-paragraph (1)(b) above.

(3) Sub-paragraph (2) above does not apply where—

(a) the aggregate of the amounts falling within sub-paragraph (1)(b) above is less than such amount as may be prescribed by regulations made by the Board; or

(b) the proportion which the aggregate of those amounts bears to the aggregate of the amounts mentioned in the said paragraph 4(2) or 6(2)(a) is less than such proportion as may be so prescribed.